Heartland Advisors Inc. Invests $8.71 Million in EastGroup Properties, Inc. $EGP

Heartland Advisors Inc. bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) in the second quarter, Holdings Channel.com reports. The fund bought 42,986 shares of the real estate investment trust’s stock, valued at approximately $8,706,000.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in EastGroup Properties in the 2nd quarter worth about $1,553,186,000. Cohen & Steers Inc. boosted its position in EastGroup Properties by 7.0% in the 4th quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock valued at $545,746,000 after buying an additional 200,617 shares during the period. State Street Corp grew its stake in EastGroup Properties by 0.6% in the 3rd quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock worth $458,320,000 after acquiring an additional 15,918 shares in the last quarter. Principal Financial Group Inc. grew its stake in EastGroup Properties by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock worth $431,028,000 after acquiring an additional 24,910 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of EastGroup Properties during the fourth quarter worth approximately $281,054,000. 92.14% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director David Michael Fields sold 504 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $195.77, for a total value of $98,668.08. Following the completion of the transaction, the director owned 3,531 shares of the company’s stock, valued at $691,263.87. The trade was a 12.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on EGP. Piper Sandler reaffirmed an “overweight” rating on shares of EastGroup Properties in a research note on Thursday, August 13th. Royal Bank Of Canada increased their price objective on EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. Weiss Ratings restated a “buy (b)” rating on shares of EastGroup Properties in a report on Tuesday, July 21st. Truist Financial lifted their target price on EastGroup Properties from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company upped their target price on EastGroup Properties from $213.00 to $221.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $221.11.

EastGroup Properties Trading Up 0.0%

NYSE EGP opened at $201.15 on Friday. EastGroup Properties, Inc. has a one year low of $163.10 and a one year high of $226.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market capitalization of $10.82 billion, a price-to-earnings ratio of 35.29, a price-to-earnings-growth ratio of 2.93 and a beta of 1.02. The company’s 50-day simple moving average is $207.62 and its two-hundred day simple moving average is $199.26.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The firm had revenue of $193.33 million during the quarter, compared to analysts’ expectations of $193.61 million. During the same quarter in the prior year, the company earned $2.21 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Equities analysts forecast that EastGroup Properties, Inc. will post 9.6 EPS for the current fiscal year.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.